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Saturday, June 25, 2022

Hoa Phat wants to invest big in two infrastructure projects

The Saigon Times

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HCMC – Hoa Phat Group JSC (HPG) has proposed developing infrastructure for the Bai Goc seaport and Hoa Tam industrial park in Dong Hoa Town in Phu Yen Province, with a total cost of some VND120 trillion.

The projects will be executed within 36 months, a representative of the leading Vietnamese steelmaker told a recent meeting with the leader of the Phu Yen government, the local media reported.

When in place, the two projects will annually contribute some VND6 trillion to the local budget and create jobs for 12,000 workers, according to HPG.

Such large-scale projects will act as a stimulus for the province’s socio-economic growth, said the Phu Yen economic zone management board.

Hoa Phat had earlier proposed investing in seaport, deepwater port and steel plant projects in Quang Tri Province and developing a modern urban project in Thua Thien Hue and an aluminum facility in Dak Nong, the local media reported.

Starting the new week in a bearish market, HPG plunged to its floor price today, June 20.

Under heavy selling, as many as 407 stocks on the Hochiminh Stock Exchange incurred losses, driving down the VN-Index by 36.9 points, or 3.03%, from the session earlier, at 1,180.4 at the close. Nearly 700 million shares worth VND15.4 trillion changed hands, down 9.4% in volume and 11% in value against the previous session.

The VN30 basket saw 27 tickers falling into negative territory, with gas firm GAS, lender STB and securities company SSI finishing at their daily floor prices.

With 39 gainers and 178 losers, the HNX-Index of the Hanoi Stock Exchange dipped 12.14 points, or 4.34%, from the session earlier, at 267.92, due to the poor performance of large-cap stocks.

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